Mumbai: New-generation private sector banking major, IndusInd Bank, said on 19 April that it plans to raise Rs400-450 crore capital to fund its growth.
The funds will be raised either through a domestic issue or through a preferential allotment or private placements, IndusInd’s managing director, Bhaskar Ghose, told reporters on the sidelines of a banking conference here.
The bank plans to tap the market at an “appropriate time when we can get a good price,” Ghose said. This could be either by the third quarter this fiscal or even later, depending upon market conditions, he said.
The bank had recently raised Rs147 crore through a GDR issue.
Ghose said the bank had deliberately raised only a small amount through the GDR issue as market conditions then were not appropriate to raise a larger sum.
“However, the amount raised will sustain us in the short term and enable us to keep our capital adequacy ratio (CAR) above the 11.25% mark, which is our aim,” he said.
At present, the bank’s authorised capital is Rs400 crore, while its paid-up capital post the GDR issue has risen from Rs 290 crore to Rs 320 crore.